moneysaving

For those after a bank account which does more than just hold your money, Santander’s announcement Tuesday that it’d cut the in-credit interest on its 123 account by a third and cap the cashback you can earn each month is only the latest blow. The backlash against the £5 a month account has been particularly … Read more

Hundreds of savings accounts are now inflation busting as CPI falls, including 17 easy-access deals Highest number of accounts which match or beat CPI since August 2016 Figures from Savings Champion found 17 of those are easy-access deals The fall to 1.3% may mean a base rate cut could be due, so savers should take … Read more

Santander is slashing the benefits of its flagship current account in a move that could deprive millions of customers of as much as £100 a year. The Spanish bank, which has almost four million current account holders, will cut the rate on its 123 account from 1.5 per cent to 1 per cent in May, … Read more

Santander is slashing interest and cashback it pays to holders of its 123 current accounts in May and bringing in an overdraft rate of 39.9 per cent in a major shake up of its bank accounts. The 123 current account from the UK’s fifth-largest bank has previously been one of the better accounts around, paying … Read more

Barclays is the latest high street bank to change overdrafts… will its 35% rate really mean a large chunk of customers will pay less? Bank currently charges a tiered rate on borrowing It costs 75p a day up to £1,000, £1.50 from £1,000 –  £2,000, and £3 above that The 35% rate means those who borrow … Read more

Challenger bank, Tandem, is set to offer a new market-beating savings account paying 1.5 per cent – but there’s a catch – a £5.99-per-month membership fee.  Membership does come with another perk however, a credit card charging 0 per cent interest indefinitely, that also pays 0.5 per cent cashback and offers fee-free use abroad.  It’s a … Read more

In the red after Christmas? Prepare for even higher fees after overdraft charges overhaul From April, banks won’t be able to charge more for unauthorised overdrafts than for arranged ones The overhaul has resulted in some overdraft fees doubling  In 2017, banks made more than £2.4billion from overdraft fees  By Sarah Bridge for The Mail on … Read more

Providers of easy-access savings accounts and cash Isas could be forced to pay savers a minimum rate across all their accounts under proposals put forward by regulators. Under a consultation published this morning by the Financial Conduct Authority, all providers will have to set a single rate across all easy-access accounts, which can be compared. … Read more

Savers braced for more misery in 2020: Best-buy easy-access rate falls to 1.4% as Shawbrook cuts its market-leading account Shawbrook has reduced its easy-access account from 1.41% to 1.33% The best deal is now 1.4% – offered by Yorkshire Building Society However savers could potentially see another round of cuts in the aftermath of a … Read more

RBS and NatWest unveil blanket 39.49% overdraft rate as FCA defends changes which it says are ‘simpler, fairer and easier to manage’ RBS and NatWest currently charge 19.89% plus a £6 monthly fee for overdrafts From the end of March this will rise to almost 40% – but without the fee The two are latest … Read more

Mark Hemingway remembers the launch of First Direct vividly.  In October 1989, the public relations veteran – who would later run communications at its owner HSBC – was working at fellow Yorkshire-based lender Halifax, then still a building society, preparing to launch its own bank account. He recalled: ‘The end of the 1980s was a … Read more

Would you pay £5 a month for a cheaper overdraft? Salvation Army bank hasn’t hiked the cost of borrowing… but could it cost more? Reliance Bank holds £19m in customer deposits A number of the biggest names have raised charges to nearly 40% on borrowing Reliance has kept its rate at just 10.75% – but … Read more